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Market Update

Nikkei Drops 1.6%, Asian Markets Weak

Author: Hiruki Nakamura
Last Update: 11:05 AM ET December 16 2013

4:30 PM Tokyo Nikkei Stock Average in Tokyo declined 1.6% as investors locked annual gains and the yen declined. Asian market indexes decreased after a private survey in China showed activities declined to a 3-month low.

Japanese investors took a cautious view and locked yearly gains and the yen edged lower.

Investors also noticed a decline in Chinese manufacturing growth rate and awaited a decision this week from the U.S. Fed policy meeting.

The Nikkei 225 Stock Average declined 250.20 or 1.6% to 15,152.91 and the Topix dropped 15.93 to 1,222.95.

The yen closed at 102.83 against one dollar.

Stocks in Review

Toyota Motor Corp dropped 120 yen to 6,060 yen and the automaker starts to settle lawsuits in the U.S. federal court of California. Toyota faces hundreds of lawsuits over acceleration issues that prompted the Japanese automaker to recall millions of vehicles starting in 2009.

Honda Motor Co declined 115 yen to 4,060 yen and the automaker recalled 19,197 2014 Acura MDX luxury sport utility vehicles in the United States.

Nissan Motor Co Ltd slumped 18 yen to 893 yen and the automotive company formed new partnership with Universal Motors Corporation and Nissan Motor Philippines, Inc. The new company invested 1 billion yen and Nissan controls 51% stake in the company.

Nissan is committed for more than triple sales across the ASEAN region to 500,000 units and achieve 15% market share by the end of 2016.

Sony fell 19 yen to 1,794 yen.

Softbank Corp slipped 280 yen to 8,620 yen. Fast Retailing Co. slid 700 yen to 37,400 yen.

Tokyo Electric Power Co Inc gained 1% to 0.9% to 524 yen after the electric power utility may receive twice the amount previously estimated in interest-free loans from the government.

Askul Corporation plummeted 6.7% to 3,050 yen after the Japan-based office product seller said consolidated net sales in the first-half ending in November climbed 13.8% to 11.92 billion yen from 10.97 billion yen a year ago and net income plunged 70% to 558 million yen from a year earlier.

The office products seller added Mizuho Securities Co Ltd intends to acquire 5.72% stake in the company through a public offering on Dec. 17.

Sompo Japan Insurance Inc, the Japan-based insurance company agreed to acquire U.K.-based Canopius Group for 100 billion yen.

Sompo Japan and Nipponkoa Insurance have established a joint-holding Company, NKSJ Holdings, Inc.

Showa Denko K.K declined 5.3% to 143 yen after the petrochemical products maker estimated operating profit of 50 billion yen in 2015.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc